Corporate Governance
Corporate governance describes how companies are directed and controlled. In general, corporate governance encompasses all international and national ethical values and principles associated with good and responsible company management and they apply to employees and management alike. Corporate governance should not, however, be understood as a rigid system of rules and regulations but rather as a process whereby principles and standards are constantly under development to stay in line with the latest requirements. Good corporate governance ensures that company management is responsible, qualified, transparent and directed towards long term success. It should also strengthen shareholders’ and investors’ trust.
- Corporate Governance
The first draft of the German Corporate Governance Code was presented in February 2002. Following initial revisions, which were released in May 2003 and in June 2005, the current version took effect with additional changes on July 24, 2006. The control committee German Corporate Governance, also referred to as the "Cromme-Kommission", is responsible for formulating and further developing the code (www.corporate-governance-code.de).
The code is based on legal guidelines, above all from the German Stock Corporation Act (Aktiengesetz). It contains extensive recommendations for the cooperation of the Board of Management and Supervisory Board, for transparent communication with the capital market and for protecting the interests of shareholders.
Annually released declaration that shows in which fields and for what reasons Dürr AG deviates from the recommendations of the code.